Tennessee Code 7-88-109 – Proposed debt amortization schedule
Terms Used In Tennessee Code 7-88-109
- Amortization: Paying off a loan by regular installments.
- Municipality: means any incorporated city or county located in the state of Tennessee, including a county with a metropolitan form of government. See Tennessee Code 7-88-103
- Public authority: means any agency, authority or instrumentality created or authorized by any municipality or by two (2) or more municipalities acting jointly, including, but not limited to, any public building authority organized pursuant to the Public Building Authorities Act of 1971, compiled in title 12, chapter 10 or an industrial development corporation organized pursuant to chapter 53 of this title. See Tennessee Code 7-88-103
- Qualified public use facility: includes :
(i) Any building, complex, center, facility or any two (2) or more adjacent buildings, complexes, centers or facilities containing at least two hundred fifty thousand square feet (250,000 sq. See Tennessee Code 7-88-103 - Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105
Prior to the issuance of any bonds to finance the cost of a qualified public use facility that will be repaid in whole or in part from apportionments under this chapter, the municipality or public authority issuing such bonds shall submit a proposed debt amortization schedule for such bonds to the commissioner of finance and administration for approval. Such schedule shall show the anticipated contribution to be made to the annual debt service for such bonds from the apportionment of sales and use taxes pursuant to this chapter and all other sources. After the date of issuance of such bonds, the municipality shall continue to contribute each year thereafter until such bonds are retired or a sufficient sinking fund has been established for their retirement, an amount not less than the municipality’s contribution to the annual debt service projected on the approved debt amortization schedule to the repayment of such bonds or a sinking fund for their retirement.